WALNUT CREEK, Calif. - Central Garden & Pet Company (NASDAQ: CENT), (NASDAQ: CENTA), announced the appointment of Randal D. Lewis (JO:LEWJ) to its Board of Directors last Monday. Lewis, a seasoned executive with over three decades of experience in the consumer products sector, is expected to bring his extensive operational expertise to the company's strategic direction.
Lewis's career encompasses 34 years in consumer products, with a significant tenure at Spectrum Brands Holdings (NYSE:SPB), Inc., where he most recently held the position of Executive Vice President and Chief Operating Officer until December 2022. His responsibilities at Spectrum included oversight of all operating divisions. His previous roles within the company included President of the Global Consumer Division and leadership positions across the Global Auto Care, Global Pet Care, and Home & Garden business units.
Central Garden & Pet's Chairman of the Board, Bill Brown, expressed confidence in Lewis's ability to contribute to the company's growth and expansion into new markets, citing his deep operational experience in the pet and garden industries.
Lewis's educational background includes a Bachelor of Science degree in mechanical engineering from the University of Illinois, Urbana-Champaign.
The addition of Lewis to the board comes as Central Garden & Pet continues to position itself as a leader in the pet and garden industries. The company, which has been nurturing homes for over 40 years, reported net sales of $3.2 billion in fiscal 2024. With a portfolio of over 65 brands and a workforce of 6,450 employees, Central Garden & Pet is focused on fostering growth and innovation within its market segments.
This announcement is based on a press release statement from Central Garden & Pet Company.
In other recent news, Central Garden & Pet Co. (NASDAQ:CENT) experienced a challenging fiscal year, with sales falling approximately 5% under the consensus. The company's fourth-quarter earnings were notably lower than expected, primarily due to a misalignment in financial modeling and unfavorable weather conditions impacting its garden segment. Despite these challenges, Central Garden & Pet reported a rise in non-GAAP EPS and a record high in operating cash flow, while its net sales saw a 3% drop to $3.2 billion.
Canaccord Genuity has adjusted its outlook on the company, reducing the price target to $45 from the previous $48, but maintaining a Buy recommendation for the stock. This adjustment follows the company's recent earnings report and anticipates a potential recovery in margins as sustainable growth and operating leverage return.
The company's management team is actively seeking merger and acquisition opportunities, focusing on high-growth consumable companies that could contribute to margin improvement, scale, and entry into new categories. Central Garden & Pet projects a non-GAAP EPS of $2.20 or higher for fiscal 2025, despite the challenging external environment. These are the recent developments that investors should be aware of.
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